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The Electronic Money Regulations 2011

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Warning notices and decision noticesU.K.

This section has no associated Explanatory Memorandum

8.  Part 26 of the 2000 Act (notices) applies with the following modifications—

[F1(za)in section 387 (warning notices), omit subsections (1A) and (3A);]

(a)in section 388 (decision notices), [F2omit subsections (1A) and (2)];

(b)in section 390 M1 (final notices)—

(i)omit subsections (6) and (10); and

(ii)in subsection (8) omit “or (6)(c)”;

(c)in section 391 (publication)—

[F3(iza)for subsection (1ZB) substitute—

“(1ZB) A warning notice falls within this subsection if it is given under—

(a)section 67;

(b)section 345B;

(c)regulation 10 of the Electronic Money Regulations 2011 (including regulation 10 as applied by regulation 15 of those Regulations);

(d)regulation 29 of those Regulations;

(e)regulation 35 of those Regulations;

(f)regulation 53 of those Regulations; or

(g)regulation 56 of those Regulations.”;

(izb)omit subsection (6A);]

(i)in subsection (10) for “has the same meaning as in section 395” substitute “ means a notice given under regulation 11(6), (9) or (10)(b) (including as applied by regulation 15) of[F4, or paragraph 4 of Schedule 4A to,] the Electronic Money Regulations 2011 ”; and

(ii)omit subsection (11).

(d)for section 392 M2 (application of sections 393 and 394) substitute—

Sections 393 and 394 apply to—

(a)a warning notice given in accordance with regulations 10(4) (including as applied by regulation 15), 29(2) (in relation to the cancellation of a registration), 35(2), 53(1) or 56(1) of the Electronic Money Regulations 2011;

(b)a decision notice given in accordance with regulations 10(5)(a) (including as applied by regulation 15), 29(3)(a) (in relation to the cancellation of a registration), 35(3)(a), 53(3) or 56(3) of the Electronic Money Regulations 2011.”; and

(e)in section 395 [F5(the FCA’s and PRA’s procedures)] in subsection (13) for “in accordance with” to the end substitute “ under regulation 11(6), (9) or (10)(b) (including as applied by regulation 15) of[F6, or paragraph 4 of Schedule 2A to,] the Electronic Money Regulations 2011. ”.

Textual Amendments

F4Words in Sch. 3 para. 8(c)(i) inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), arts. 1(3)(4), 18(4)(c)(i)

F6Words in Sch. 3 para. 8(e) inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), arts. 1(3)(4), 18(4)(c)(ii)

Marginal Citations

M1Amended by S.I. 2010/22.

M2Section 392 was amended by sections 24 and 29 of, and Schedule 2 to, the Financial Services Act 2010.

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